TeraWulf, a company that built its reputation mining Bitcoin, just signed a 20-year lease with Anthropic, the AI lab behind Claude, for a massive data center campus in Kentucky. The deal covers roughly 401 megawatts of critical IT load capacity and is projected to generate approximately $19 billion in contracted revenue over its lifetime.
The lease centers on TeraWulf’s Justified Data campus in Hawesville, Kentucky, with initial capacity expected to come online in the second half of 2027. Full buildout should be completed by early 2028.
Building out a facility of this scale won’t come cheap. Capital expenditure estimates range from $3.2 billion to $4 billion, based on roughly $8-10 million per megawatt of capacity.
To help fund the pivot, TeraWulf simultaneously announced the sale of its 50.1% stake in the Abernathy Joint Venture, a 168 MW AI project in Texas, to a consortium led by Fluidstack. That deal monetized approximately $450 million in invested capital at a premium, freeing up resources for wholly owned projects like the Anthropic campus.
Wall Street noticed. TeraWulf’s stock surged between 10% and 16% intraday following the twin announcements, though some of those gains moderated amid broader market volatility around AI infrastructure stocks.
